Wednesday, August 31, 2016

Nigeria officially in recession

Africa's largest economy, Nigeria, has officially entered a recession following two consecutive quarters of contraction in the nation. GDP shrank by 2.06% in the second quarter of 2016, following on from a 0.36% shrinking in the first quarter of the year, according to data released by the country's National Bureau of Statistics (NBS) on Wednesday. 

Those two consecutive quarters of economic shrinkage mean that the country is now in its first recession in more than 20 years. Recession in Nigeria may be an unwelcome development, but it is not unexpected. Earlier in the year, Godwin Emefiele, the governor of the Central Bank of Nigeria warned that "recession was imminent".

The big driver of the slump in the Nigerian economy, which was one of Africa's great success stories until recently, has largely been the persistently low price of oil over the past two and a half years. Nigeria relies heavily on oil and is the largest producer of the commodity on the continent, producing roughly 2.4 million barrels per day. Given that oil's price has slumped from more than $100 per barrel in 2014 to roughly $48 now, it is perhaps unsurprising that the country has struggled for economic growth.

The International Monetary Fund has also warned on the state of the country's economy, forecasting that growth will shrink by 1.8% over the course of 2016.

Source: Financial Times reports

Monday, August 22, 2016

Boko Haram strikes again

Kano - Boko Haram Islamists have killed 10 people and abducted 13 others in a raid on a village near the northeast Nigerian town of Chibok where the militants kidnapped over 200 schoolgirls in 2014, locals told AFP Sunday. Armed jihadists on motorcycles invaded Kubrrivu at dawn on Saturday, firing on the residents as they were sleeping and looting and burning homes before fleeing into the bush with 13 women and children seized from the village.

"The Boko Haram attackers rode on four motorcycles, three on each, and opened fire on the village as residents slept," said Luka Damina, a resident of nearby Kautikeri village where Kubrrivu residents fled to safety following the attack. "They burnt down the whole village after looting food supplies and livestock and taking away women and children," Damina said.

Ayuba Alamson, a community elder in Chibok, some 20 kilometres (12 miles) away, confirmed the attack, saying 13 people were abducted in the raid. "After killing 10 people and burning the entire village, the gunmen made away with 13 people, including seven women, five boys and a girl," Alamson said.

source: AFP 

Saturday, August 20, 2016

Ooni impacts lives of Widows

The communal war between the Ife and Modakeke people of Osun State, Nigeria left an indelible mark on the community. Most hit were Women who lost their husbands during the conflict thereby destabilizing the ability for family sustenance. To alleviate the problems and empower the widows, the Ooni of Ife His Imperial Majesty Ooni Adeyeye Enitan Ogunwusi (Ojaja II) hasflagged off five licensed Cooperative societies as part of his Widows Empowerment Program initiated early this year.

The Monarch has deposited a sum of N2.5 million in Olofin Microfinance Bank, Ile-Ife as a take-off grant to enable widows have access to loans to fund their businesses. The monarch said he would also distribute between 50 to 100 bags of rice and some cows to the widows every month as part of his plans to banish hunger among the widows.

“The thought of empowering the widows struck me when I ascended the throne. Some widows came to me and present some gifts. Their kindness, in spite of their poor economic state touched me. I was surprised that they could still think of honouring me. When I informed my chiefs and some elders about my plan, they screamed and said to me that the widows were many but I made them understand that God is always in control.”  Ooni Said.

by Tosan Aduayi for Trendy Africa

Wednesday, August 17, 2016

Nigerian Pharmacist Shot in Texas

A Nigerian born practicing Pharmacist, Chris Ajayi (Pharm D) has been shot by a gunman who entered his Arlington Texas store and demanded for drugs. Sources revealed that the pharmacist was shot in the neck and stomach and is currently in intensive care after hours of surgery. Please pray for survival and healing.


Houston Scandal

Three Nigerians have been busted in connection to a large-scale credit card scheme that allegedly used two southwest Houston businesses to steal hundreds of thousands of dollars. According to court records, Shalewa Olayinka, 53, applied for and obtained 116 credit cards from eight different financial institutions in 12 other people's names. He would allegedly apply for the credit card using a victim's information and then steal the card out of his or her mailbox when the card arrived.

Financial crimes investigators say Olayinka had a Square card reader attached to his cell phone under the business name "Sleek Auto Sales" and would run the fraudulent credit cards in his southwest Houston apartment. The money was then deposited into his bank account.
He conspired with two local business owners, Christy Tifase who owns Lagos Island Café on Highway 6 South, a west African food restaurant and  Maxwell Ezenwa  whoowns Lace Warehouse and African Fashions on Bissonnet. They're accused of also running the credit cards for payments at their businesses.

Investigators say the operation stole more than $650,000.All three face a charge of engaging in organized criminal activity, a felony. When Eyewitness News went to Lagos Island Café, Tifase's daughter said she wasn't aware of the allegation against her mother. Tifase is expected to surrender. Olayinka remains in jail on a $30,000 bond. Ezenwa is out of jail on bond.


Wednesday, August 3, 2016

Religious sentiments send Nigeria into Reverse mode: scraps economically beneficial $10M Film Village

This decision really breaks my heart for a country that is unofficially in a recession and one that should be looking for all viable avenues to generate sustainable GDP and economic growth. This was the same reason that a Miss World Pageant was aborted in Abuja. What excuse does religions have to once upon a time allow grown Men to indulge in wedlock's with minors but would not allow youths to exploit their God given talents and potentials?

Nigeria just scraped a $10M film festival project billed for Kano after Muslim Clerics protested and argued that the project would encourage outsiders “to come and practice immorality and destroy our values.” The plans for the 50-acre site were unveiled in mid-July, with promoters describing their intention to build a world-class cinematic facility for Kano, the economic hub of northern Nigeria, and home to a vibrant Hausa-language film industry, known as Kannywood.

The proposed film village would boast facilities like a state-of-the-art sound stage, as well as a mix of recreational attractions, including a shopping mall, a sports stadium, and a hotel. Developers said the project would create thousands of jobs for the region. But the blueprint quickly met with a backlash from conservative clerics in the predominantly Muslim north.

Meanwhile, some ‘Kannywood’ players were beneficiaries of the N700M grant by previous administration to boost the entertainment industry. The investors should consider southern states for the much needed Film Village in Nigeria. What a comedy of errors. 

Tuesday, August 2, 2016

Naija man arrested for $60M cybercrime

A Nigerian accused of scamming $60 million from companies around the world through fraudulent emails has been arrested after months of investigation, according to Interpol and Nigeria’s anti-fraud agency.